Late last year, I commenced an action in the Ontario Superior Court of Justice against Mr. Khan, in which I dispute his ownership of a considerable number of Facedrive shares. Moller-Maersk (AMKBY), Sren Skou has made significant progress towards pushing the company into the future. He declined to address many questions about Facedrive. Sayan Navaratnam. START YOUR FREE TRIAL. Company Contact: Suman Pushparajah, suman@steeresg.com That relationship led him to another penny stock in a hot sector, the nascent biofuels industry. DISCLAIMER:OilPrice.com is Source of all content listed above. This release contains "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E the Securities Exchange Act of 1934, as amended and such forward-looking statements are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Create an account or sign in to continue with your reading experience. Ph: 818-382-9702. KKM can customize the hardware for buyers by applying logos, and provides a software kit to integrate with other applications. During this same two-year period, members of the executive team, founding shareholders, and key early investorswith the exception of Mr. Imran Khancontinuously and voluntarily agreed to extend their share lock-up agreements. Overview. Home; Services; New Patient Center. There are similar products for sale in bulk from Chinese manufacturers through Alibaba.com. Only after investing in 2018, he alleges, did he learn the software was plagued with problems and required substantial funding. Creative Vistas made a few acquisitions, the largest of which was Cancable, a provider of installation services primarily for Rogers Communications Inc. Maersk's ambitious environmental plans include the development of a full fleet of zero-carbon ships by 2030, and it's already well on its way. Behind it all are seven men who have positioned themselves to transform the transportation sector, forever. That won't really put much of a crimp in Branson's net worth of $5.2 billion, and he is just fine knowing that in the not-so-distant-future, he'll be taking people on excursions to space. Follow Greg McArthur on Twitter: @McarthurGregOpens in a new windowFollow Joe Castaldo on Twitter: @Joe_CastaldoOpens in a new window, Checking box will enable automatic data updates. The irony is Facedrive's current CEO, Sayan Navaratnam was a director of the Petroalgae stock that I wrote about in the above article ten years ago, as well as this article - Petroalgae: $1.8. The restriction on selling his shares expired in March, and in July and August, Mr. Khan gave notice through regulatory filings of his intention to sell more than one million common shares. He alleges the company responded by refusing to register his shares with the company responsible for officially recording Facedrives security holders. The stock hit a high of US$26.75, but by the end of 2012, the stock price had plummeted. Sayan Navaratnam is a director of a federal corporation created with Corporations Canada, a division of Innovation, Science and Economic Development (ISED) Canada. Larry Radzio of Orillia, Ont., signed up last year for Facedrive's ride-sharing app, but estimates that he's completed fewer than 10 rides with the service so far.Ryan Carter/The Globe and Mail. The corporation name Iview Digital Video Solutions Inc.. On March 8, however, Mr. Navaratnam extended the period for two years, while two other executives extended for an additional year. Regulatory filings show no sign the Grin brothers or Mr. Navaratnam sold their stock. I cannot, in good conscience, allow hundreds of employees to work tirelessly, investors to patiently hold their positions, and management to continue building the business, while the one person least responsible for it all cashes out. Primary Job Title Partner; Primary Organization . The company warned that short-term profits might be elusive, but in the long run, it hoped to licence its technology around the world, allowing anyone to operate their own algae, micro-crop farm. This article was published more than 1 year ago. The status of that delivery was unknown to The Globe and Mail at publication deadline. Everyone on the team worked tirelessly. PetroAlgae then tapped one of his companies for consulting services, paying in shares valued at US$3.15-million at the time, according to public filings. Facedrive also made in-roads with the Ontario government. TORONTO-- ( BUSINESS WIRE )--Mr. Sayan Navaratnam announced last week that he would be stepping down as Chairman and CEO of Facedrive Inc. Below is a letter from him to all fellow shareholders.. Accueil; Solution; Tarif; PRO; Mon compte; France; Accueil; Solution; Tarif; PRO; Mon compte We may use it to: To learn more about how we handle and protect your data, visit our privacy center. Late last year, I commenced an action in the Ontario Superior Court of Justice against Mr. Khan, in which I dispute his ownership of a considerable number of Facedrive shares. We, as a team, wanted to send a clear message that we believe in the long-term success of Facedrive and have no intention of selling shares during its early years. BY READING OUR CONTENT YOU EXPLICITLY AGREE TO THE FOLLOWING. April 1, 2008. I also invited many of the key executives from other companies with which I am involved to assist with building the Facedrive business; all of them did so with no compensation. According to the companys press releases, Waterloo professors Patricia Nieva and William Melek led a team that implemented artificial intelligence to identify a wide network of potential contacts after a positive case. Whenever a major new trend emerges, it's the job of the truly innovative to step back and say 'OK, this is an explosively great idea - so what's wrong with it?' For the purposes of NI 62-103, the address of the Acquiror is 173 Forest Ridge Road , Richmond Hill, ON . sayan navaratnam net worth. He owns a mansion north of Toronto with a tennis court, and a suite at the Shangri-La, a luxury hotel condominium in the citys downtown. Heung Hung Lee:: Chief Financial Officer and Secretary. A few months prior to launch in 2018, Mr. Navaratnams firm invested in Facedrive after being approached by Mr. Khan, a real estate agent. Hindenburg found Medtronics was linked to OilPrice.com, the site that published many glowing paid articles about Facedrive. How we use your information depends on the product and service that you use and your relationship with us. I sat there for a few hours, and I wouldnt get anything, he said. Holidays were few and far in between. Have the Top Business Headlines newsletter conveniently delivered to your inbox in the morning or evening. The stock price has even fallen 60 per cent from its February peak. In 2018, the company deployed the first of many fully automated and fully electric container ships. Don Harrison - Google. The estimated net worth includes stocks, properties, and luxury goods such as yachts and private airplanes. Scarborough, ON Such investors are expected to become, subject to their contractual restrictions and financial and legal advice, free from any voluntary lock up extension. He picked up the torch and helped turn all of Apple's operations into stunning examples of creativity, sustainability, and innovation. The Company has no intention and undertakes no obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by applicable securities legislation and regulatory requirements. Despite this representation, Mr. Khan later publicly announced a plan to sell Facedrive shares. Since then Sayan has changed 2 companies and 2 roles. The TSXV has in no way passed upon the merits of the Transaction and has neither approved nor disapproved the contents of this press release. An affiliated company of Oilprice.com, Advanced Media Solutions Ltd, and their owners, managers, employees, and assigns (collectively "the Company") has signed an agreement to be paid in shares to provide services to expand ridership and attract drivers in certain jurisdictions outside Canada and the United States. The company has also customized the technology, it said, such as by adding a feature to pinpoint locations of potential COVID-19 contamination., TraceSCAN is used in a few places. If I am successful, I intend to donate these shares to several charities that I support. suman@steeresg.com Address 44 East Beaver Creek, Unit 16 Richmond Hill, ON L4B 1G6 He says climate change has become a "defining factor in companies' long-term prospects". BAIDU for its part, is taking on the automated car market. She had a good feeling about it, and told others about it, too. (Before the acquisition, Facedrive made just $1,953 through its own service.). Overall, Facedrive has focused on environmental, social, and governance (ESG) initiatives, also donating money to fight child marriage in Bangladesh. VP - M&A and Strategy, Chief Legal Officer and Director of the Company) at (416) 900-0304. ), Facedrive is involved a 'content creation' company co-founded by Will Smith, shown here at a promotional event for a new film in early 2020.Carlos Alvarez/Getty Images. Phone: +1(954)345-0611, Cision Distribution 888-776-0942 We ask you to keep your comments relevant and respectful. Edit Jobs Section. If it doesnt, then we dont, he said. Suman Pushparajah, CEO Already, Sayan is attracting huge names with Facedrive (FD.V)because it's been recognized as the #1 eco-friendly and socially responsible TaaS (Transportation as a Service) platform. We had over 53,000 ride requests in the month of January 2020 alone.. Spray Foam Equipment and Chemicals. Green stocks will eventually eclipsethe current technology monopolies, and even the world's top oil tradersare going green. TORONTO, Sept. 27, 2021 /CNW/ - Mr. Sayan Navaratnam (the " Acquiror " or " Mr. Navaratnam ") announced the sale (the " Sale ") of a total of 2,040,100 common shares (" Shares ") in the capital of . On the slightly more sober side, we're looking at the mass monetization of electric vehicles, and finally--a ride-sharing company that's as green as Millennials want it to be. The Companys goal is to build a one-of-a-kind ecosystem that aggregates conscientious users, through a series of connected offerings, and enables them to buy, sell, or invest with the same platform, STEER. New Patient Forms; Sign up today. Its CEO offers few insights into how it all works or what it might do next. Sayan Navaratnam is CEO and chair of Facedrive Inc., an Ontario-based tech startup that at one point was more valuable than Canadian giants like SNC-Lavalin and Maple Leaf Foods. The Transaction was comprised of the following: spinning out the Restaurant Supply Business to FoodsUp Inc. (FoodsUp), a newly formed subsidiary of STEERs wholly-owned subsidiary, Food Hwy Canada Inc. (Food Hwy); pursuant to the Investment, FoodsUp has sold $16.5 million worth of its common shares (FoodsUp Shares) from treasury to a limited partnership controlled by the Investor Group (the Investor LP) by way of a non-brokered private placement; and. Summers at MIC: Be Careful in the Stock Market, 2 Undervalued Stocks From the Morningstar Wide Moat Focus Index, Maybe 2022 Was the Start of the Return to Normal, Aswath Damodaran Says, First-Quarter Returns Positive Despite Banking Crisis and Fears of Recession, What Fund Investors Did With Their Money in the First Quarter, The Best iShares ETFs and BlackRock Funds, 20 Best Healthcare Companies to Invest In, Best Financial-Services Companies to Own: 2023 Edition, Undervalued Communication Services Stocks, Transparency is our policy. Two of his past ventures also operated in trendy sectors, were heavily promoted and saw huge gains in their stock prices only to crash to earth. He owns about 30 per cent of Facedrives shares. And his predecessor, Tim Cook, took Jobs' principles to heart. In 2019, Facedrive went public on the Venture Exchange through a reverse takeover, with Mr. Navaratnam as CEO, chairman and largest shareholder. Given Mr. Khans conduct, Facedrive Inc. announced earlier that it is offering to release investors from all voluntary lock-up agreements. Call us at (425) 485-6059. This information is based on managements reasonable assumptions and beliefs in light of the information currently available to us and are made as of the date of this press release. He brought much needed discipline, according to a former executive with the company. By the end of 2012, the stock price had plummeted to 85 cents and PetroAlgae took on a new name and mission. While Facedrive said in January the pilot was completed, Chief Clearsky said more evaluation was underway. Not only is she the first female CEO of a major automotive company, she's a visionary in the industry. Further, records show Facedrive certified nine wireless devices with Innovation, Science and Economic Development Canada, seven of which have model numbers that are the same as KKMs wearables. Generali's No.3 investor Caltagirone withholds backing for 2022 accounts -sources, Musk says Tesla likely to launch full self-drive technology 'this year', Exclusive: JPMorgan employees gripe about Dimon's return-to-office edict, SpaceX rocket explosion illustrates Elon Musk's 'successful failure' formula, Cucinelli posts 33% rise in Q1 sales, confirms 2023 revenue growth forecast, Wolfgang Porsche announces final term on Volkswagen supervisory board, Exclusive-Peter Thiel, Republican megadonor, won't fund candidates in 2024 - sources, Virginia Governor Youngkin 'humbled' by talk of possible presidential run, European Midday Briefing: Mood Brighter After -2-, Tim Cook unveils new Apple store in India, Facedrive Inc. announced that it has received CAD 17.5 million in funding from Connex Telecommunications Corporation, Malar Group Inc. and other investors, Facedrive Inc. holiday builders capri 4 floor plan; 1975 trojan f32 specs; countries in the northern hemisphere. This press release features multimedia. For more about the Company, visit www.steeresg.com. September 4, 2021 1:56 PM | 4 min read. Letter to Shareholders of Facedrive Inc. from Sayan Navaratnam. In the end, the technology never took off. Managing Partner. Mr. Khans decision to sell his shares has put his own interests ahead of those of Facedrives investors, employees and partners. Musk is likely to emerge with three crowns on the ground: EVs, solar, and clean energy. I cannot, in good conscience, allow hundreds of employees to work tirelessly, investors to patiently hold their positions, and management to continue building the business, while the one person least responsible for it all cashes out. I know its not a lot, she wrote in an e-mail last month. This, in turn, had a number of knock-on effects including pausing the companys planned expansions into new cities, delays in renewals of Facedrives licences at the municipal level, and a reduction in registered and active drivers, he wrote. Investors received no consideration for these voluntary lock-up extensions. Facedrive built out its electric vehicle subscription business through its acquisition of Steer from Exelon. Of the riders who become active, close to 40% stay active monthly. ALWAYS DO YOUR OWN RESEARCH and consult with a licensed investment professional before making an investment. Navaratnam was one of three brown-skinned men who went missing from the Church-Wellesley area between 2010 and 2012, prompting police to open up an investigation dubbed Project Houston. Its a small company with scant revenue. In 2004, Mr. Navaratnam got into business with a New York hedge fund called Laurus Capital Management LLC. This article was published more than 2 years ago. Company Name Deal Date Deal Type Deal Size Industry Company Stage Lead Partner; 0000000000000: 07-Dec-2016: 0000 00000: 00.000: Educational Software: Generating Revenue Facedrive pays drivers who drive electric or hybrid cars up to 85-90% of the fare to incentivize more eco-friendly. Facedrive has struggled to turn a profit to match its sizable valuation.Ryan Carter/The Globe and Mail. Markets Brief: 10th Straight Fed Rate Hike on Tap. Your time is valuable. Subscribe now to read the latest news in your city and across Canada. And Ford was giving it more cash. To ensure the most secure and best overall experience on our website, we recommend the latest versions of. But for Mr. Navaratnam, inflated valuations and wild stock price swings are nothing new. From its green initiatives to its technological edge, Maersk has grown significantly under Skou. I learned last week that Mr. Khan intends to divest a further 786,000 shares. from 8 AM - 9 PM ET. He himself is committed, too. Regulatory filings show no sign Laurus or Mr. Navaratnam sold their stock. Another founder of the company, Imran Khan, however, has been embroiled in litigation with Facedrive and Mr. Navaratnam over selling his shares. In July, short seller Hindenburg Research published a report calling Facedrive a stock promotion with a hollow core. Of note was an agreement Facedrive signed with an obscure company called Medtronics Online Solutions Ltd. for marketing and strategic consulting services. Facedrive paid in shares valued at $8.2-million, which, at the time, was more than the companys operating expenditures over the previous year. But with the meteoric rise of ESG investingover the past couple of years, many companies, including traditional fossil fuel companies, have been investing in clean energy projects including solar and wind energy at an unprecedented rate. Maintaining independence and editorial freedom is essential to our mission of empowering investor success. Work Experience Chief Executive Officer Cygnal Technologies 2012-2021 Education Double Specialist degree - Economics and Political Science Mr. Navaratnam is not only seeking $12-million in damages, but the value of Mr. Khans shares about $503-million. Some information may no longer be current. Product information from Facedrive's website describes the devices it offers for COVID-19 contact tracing. This advertisement has not loaded yet, but your article continues below. The focus on ESG, or environmental, social and governance values, follows a highly publicized spat between the original founder of the company, Imran Khan, and the former chairman and CEO of the company, Sayan Navaratnam. Mr. Khans decision to sell such a significant volume of shares has forced the hands of Facedrives other investors. Find more alumni from University of Toronto. Mr. Navaratnams eclectic approach to business security, telecom, algae is readily apparent at Facedrive. The bikes were just launched this year, but have already captured the attention of the European market.While they err on the side of pricey, coming in at $3,800 per unit, they do boast a high top speed and can travel a modest distance on a single charge. But it has pivoted to food delivery, online retail and contact tracing for COVID-19. Access articles from across Canada with one account. A Facedrive official did not respond to a request for comment. Facedrive chief legal officer Mr. Muneeruddin wrote to The Globe that Facedrive has come under attack from hedge funds seeking to burn Facedrives business to the ground and profit from the ashes. He suggested that because of the strength of the companys share price, hedge funds selling short cannot exit without suffering losses. Founder of Hauskey, Inc., Sayan Navaratnam is a businessperson who has been at the head of 6 different companies and currently occupies the position of Chairman & Chief Executive Officer of Facedrive, Inc., Chairman for Hauskey, Inc., President & Chief Executive Officer of Creative Vistas, Inc. and Chief Executive Officer at Connex I truly believe in this company.. Already in 2016, he saw where Uber and Lyft were. STEER Technologies Inc., formerly Facedrive Inc., is a Canada-based company, which is an integrated environmental, social, and governance (ESG) technology platform that moves people and delivers things through subscription and on-demand services. FNM and its affiliated companies are a news dissemination and financial marketing solutions provider and are NOT a registered broker/dealer/analyst/adviser, holds no investment licenses and may NOT sell, offer to sell or offer to buy any security. Theyve been very co-operative from the onset in terms of the software updates and the modifications we needed, president Nima Fotovat said of Facedrive. Don Harrison - SpaceX. In the summer of 2006, Mr. Navaratnam wrote in a letter to shareholders the company was about to launch an aggressive investor relations strategy. But the 2.0 version of ride. The company has even partnered with a major telecom firm to offer drivers significant discounts. Its unclear what caused the spike; PetroAlgae attributed the swings to low trading volume. It was with a heavy heart that I earlier announced my resignation from Facedrive Inc. as of September 1, 2021. Its shares, which traded for pennies, exploded more than 500 per cent between January and August, 2007. PLEASE READ CAREFULLY**, This publication contains forward-looking information which is subject to a variety of risks and uncertainties and other factors that could cause actual events or results to differ from those projected in the forward-looking statements. Risks that could change or prevent these statements from coming to fruition include changing governmental laws and policies; the company's ability to obtain and retain necessary licensing in each geographical area in which it operates; the success of the company's expansion activities; the ability of the company to attract a sufficient number of drivers to meet the demands of customer riders; the ability of the company to attract drivers who have electric vehicles and hybrid cars; the ability of the company to keep operating costs and customer charges competitive with other ride-hailing companies; and the company's ability to continue agreements on affordable terms with existing or new tree planting enterprises. The content in this section is supplied by Business Wire for the purposes of distributing press releases on behalf of its clients. Readers are urged to consider the uncertainties, risks and assumptions carefully in evaluating the forward-looking information and are cautioned not to place undue reliance on such information. After he registered, he flipped on the app, and waited. Primary Menu. Mr. Khan is making millions of dollars when the people that actually built the business voluntarily restricted their ability to sell. VISWASAM, Leila (nee Navaratnam) - Passed away after a brief illness on the 8th of July 2010. The Companys offerings generally fall into two categories: subscription-based offerings led by its flagship electric vehicle subscription business, STEER EV, and on-demand services incorporating delivery, Restaurant Supply Business, Delivery-as-a-Service (DaaS) and rideshare businesses. what happens if i uninstall microsoft visual c++ From artificial intelligence to television and finance, Baidu's ever-expanding reach is a not to be ignored. A lack of drivers is evident when trying to book a ride. We encountered an issue signing you up. It would be unconscionable to allow Imran to profit from Facedrives success as he had no role in it, according to the claim. A Globe story on the company earlier this year detailed Mr. Navaratnams involvement with two microcap companies that followed a similar trajectory as Facedrives wild stock price ride. One company, called KKM, sells contact tracing wearables that appear identical to both versions of TraceSCAN, right down to a small fingerprint decal on one variety. Its a multifaceted people-and-planet first tech ecosystem. It operates a bewildering array of businesses: ride-sharing, electric-vehicle subscriptions, food and grocery delivery, COVID-19 contact tracing, and online retail. Everyone on the team worked tirelessly. They have also studied at University of Toronto : Sanjay Cherian - Nike. . Both professors were quoted in multiple press releases and appeared in a video, but neither returned e-mails and calls from The Globe. Naturally, this has had a dramatic impact on the stock value and has caused it to trend negatively almost every day thereafter. Terms of Service apply. As such, I intend to dedicate my resources, time and energy to bringing Mr. Khan to justice. FNM was not compensated by any public company mentioned herein to disseminate this press release. Facedrive declined to comment on Mr. Kureshys allegations, but said they are actively being defended in court.. Headquartered in Richmond Hill, Ont., Facedrive is adept at self-promotion, however. Forward looking statements in this publication include that the demand for ride sharing services will grow; that the demand for environmentally conscientious ride sharing services companies in particular will grow; that Facedrive will be able to fund its capital requirements in the near term and long term; and that Facedrive will be able to carry out its business plan. The Companys platform is also powered by EcoCRED, its big data, analytics and machine learning engine which seeks to capture, analyze, parse and report on key data points in ways that measure the Companys impact on carbon reductions and offsets. Under Cook, Apple has thrived, pushing technology to its limits, all while securing the title as the World's First Trillion Dollar Company.#5 Mary T. BarraMary T. Barra sets herself apart in many ways. We all knew we were building something special. But Facedrive has struggled to turn a profit to match its sizable valuation. FNM HOLDS NO SHARES OF ANY COMPANY NAMED IN THIS RELEASE. By then, Mr. Navaratnam was working directly for Laurus as a partner, senior managing director and member of the management committee. We sort of see it as the mother of all AI projects. In addition to celebrities, including Will Smith and Jada Pinkett Smith, WestBrook Global Inc. is also on board. Number of Founded Organizations 1. Don't trade with money you can't afford to lose. The stock was PetroAlgae Inc., a Florida-based company that said it was close to achieving the first large-scale commercialization of a technology capable of extracting fuel from algae. But Mr. Navaratnam is no neophyte, having worked at a hedge fund and serving as a CEO and director of public companies. What you need to know, William Watson: Let's unplug the inflation treadmill, tap here to see other videos from our team, https://www.businesswire.com/news/home/20210904005011/en/. Both she and Han Hyo-joo have been guests on the show Running Man. Orillia would only confirm Facedrive has fewer than 26 drivers in town. 3,500 trees later, Facedrive hasn't only latched on to the mega-trend, it has helped drive it--literally. It began as a search engine but is quickly expanding into almost all things tech related. The forward-looking information contained herein is given as of the date hereof and we assume no responsibility to update or revise such information to reflect new events or circumstances, except as required by law.DISCLAIMERS. Starting back in 2014, Apple began quietly working on "Project Titan," a secretive electric car endeavor. Never invest purely based on our communication. And Sayan Navaratnam is the Canadian billionaire mastermind behind it all. A mention in the Globe and Mail last year spawned two press releases. One of those insiders was Nauman Kureshy, who says he was provided with shares as a reward for, among other things, introducing Facedrive co-founder Imran Khan to Mr. Navaratnam. That year, the Grins and Mr. Navaratnam took a security technology firm of his public through a shell company called Creative Vistas. These forward-looking statements are subject to a variety of risks and uncertainties and other factors that could cause actual events or results to differ materially from those projected in the forward-looking information. TraceSCAN faces challenges now that Canadians are getting vaccinated, though the company said it can expand into digital passports. Ride-sharing retrenched during the pandemic. Ride-sharing brought in more than half the companys revenue during the first nine months of 2020. Given Mr. Khans conduct, Facedrive Inc. announced earlier that it is offering to release investors from all voluntary lock-up agreements. Marianne Gracey This is the second Company acquired by CTC over the .